4th of January 2024

Press release

Global eBike Drive System Supplier, BAFANG, Looks to Embrace
Challenges and Drive Progress in 2024
Suzhou, January 2024 - As the eBike industry faced a challenging year in 2023 due to a
slowdown in demand caused by an unstable international climate and high inventory levels,BAFANG, a global drive system supplier with over 20 years of experience in the two-wheel
industry, proactively adjusted its pace to meet market changes. The company further solidified its
industry-leading position by leveraging advanced products and superior services.

Looking ahead to the upcoming year, Bafang plans to continue strengthening its investment intechnology and product quality to maintain its resolute and mission-driven approach. The company
will push for sustainable development in the industry with unwavering confidence, inject vitality
into the market, and lead with a firm step.

Photo: BAFANG is a global supplier of eBike drive systems with 12 established offices in 8
countries (China, Germany, the Netherlands, France, Italy, Denmark, Poland, and the UnitedStates)

Bafang focuses on providing high-quality and high-performance drive system solutions for global
customers, earning the trust of OEMs, brand owners, dealers, and end consumers around theworld. In 2023, Bafang celebrated several milestone moments including its first dealer conference,
the topping-out ceremony of its new-energy factory, its 20th anniversary, and its seventh technicalexchange meeting. Additionally, a series of achievements in battery production, technicalrecognition by major international product awards, and the successful deployment of the DDS
dealer service system all showcased Bafang's impressive corporate strength and broad market
prospects worldwide.

Photo: BAFANG provides online and offline after-sales maintenance training and other related
services for dealers

Social responsibility and industry mission are indispensable beliefs on the company's path todevelopment. Facing industry challenges head-on, Bafang will continue to focus on productperformance, quality control, and after-sales service, ensuring that "quality" and "warranty" are at
the forefront of the company's focus. The company will provide more comprehensive support andprotection to each customer by improving production automation coverage and expanding theglobal after-sales service layout.

Photo: In 2024, BAFANG production lines will achieve more than 60% production automation
coverage

At the same time, Bafang recognizes that its responsibility and mission should not only be limited
to high-quality products and services but also contribute to the prosperity of the entire industry.
The company is willing to actively participate in industry cooperation, share experiences, andachieve mutual benefits. On the occasion of the New Year, Bafang extends sincere New Yearwishes to partners around the world, expressing gratitude for the ongoing support. In 2024, thecompany will continue to maintain its resolute belief, work together, and create a shared future.

Media contact (global):
Water Qiu
E-Mail: water.qiu@bafang-e.com
Tel.: +86 158 5142 8158

About BAFANG:
BAFANG, one of the leading manufacturers of e-mobility components and e-drive systems, hasbeen developing components and complete systems for electric vehicles since 2003. The
company is listed on the Shanghai Stock Exchange (603489.SS) and focuses on all global emobility trends of the future: be it individual e-bikes, e-scooters or for public bike sharing systems.
Bafang employs
over 1000 people at 10 international locations worldwide. The headquarters, development andproduction sites are located in Suzhou, in the immediate vicinity of Shanghai/China. A virtual tourof the new headquarter in Suzhou via a VR Panorama Tour starts here.

Bafang has sales and service centers in the Netherlands, the USA, Germany, Denmark, France,Italy, and China. The newly opened plant in Poland focuses on the production of mid-motor
systems for the European markets.

Website: www.bafang-e.com
E-Mail:info@bafang-e.com

This communication has been issued by Bafang Electric (Suzhou) Co., Ltd. who is therefore
responsible for the entire content.